Aequus Pharmaceuticals has a pipeline of commercial and near-commercial-stage products that have been brought in through an acquisition or license
to be marketed and sold in Canada. This commercial pipeline consists of specialty products and forms the base for niche therapeutic franchises
we plan to expand into it. We will continue to in-license and/or acquire high quality, differentiated products within these focused therapeutic
areas. To learn more about our partnering strategy, click here.

Aequus' development-stage products are strategically focused on addressing the need for improved medication adherence through enhanced delivery
systems. Our lead programs are expected to follow a 505(b)2 pathway to approval in the United States. We intend to commercialize these products
directly in Canada using our established CNS sales force and through partners in other territories.

PRVISTITANTM - (bimatoprost 0.03%, ophthalmic solution)Bimatoprost 0.03% is a prostaglandin approved
for the reduction of elevated IOP in patients with open angle glaucoma or ocular hypertension. PRVISTITANTM is currently
the only marketed version of 0.03% bimatoprost ophthalmic solution for this indication in Canada and demonstrates that best ratio of safety
to efficacy for this strength of the molecule. Aequus began Canadian promotional activities on behalf of its partner, for PRVISTITANTM in May 2016.

Tacrolimus Immediate ReleaseAequus began promotional activities on Tacrolimus IR in December 2015. It was and remains the
only lower cost alternative to the brand Prograf® currently marketed in Canada. Tacrolimus IR is indicated for the treatment and prevention
of acute rejection following solid organ transplantation (liver, kidney and heart). Tacrolimus is part of a patient’s immunosuppressive therapy
prescribed chronically in their lifelong management to prevent graft rejection.

Topiramate XRA once-daily topiramate product designed to improve patient compliance and to show an equivalent pharmacokinetic
profile than the currently available immediate release products, which is dosed twice-daily. Aequus in-licensed Canadian commercial rights
to Topiramate XR from Supernus Pharmaceuticals and is currently preparing an application to Health Canada seeking approval. Topiramate immediate
release is currently approved in Canada for use in epilepsy and prophylactic migraine.

Oxcarbazepine XRA once-daily oxcarbazepine product designed to improve patient compliance with a novel pharmacokinetic profile
and more consistent blood levels compared to immediate release products. Aequus in-licensed Canadian commercial rights to Oxcarbazepine XR
from Supernus Pharmaceuticals and is currently preparing an application to Health Canada seeking approval. Oxcarbazepine immediate release
is currently approved in Canada for use in partial seizures in epilepsy.

AQS1301 – Transdermal AripiprazoleAripiprazole is an atypical anti-psychotic sold under the brand name Abilify® and is approved
for many neurological conditions including schizophrenia, bipolar I, and major depressive disorder. A long-acting transdermal form of
aripiprazole is being developed by Aequus to deliver aripiprazole at levels comparable to currently marketed once-daily formulations with the
intention of improving patient compliance and providing better outcomes. Aequus has completed two-proof of concept studies for this potential
product to date, and intends to pursue a 505(b)2 pathway for regulatory approval in the United States.

AQS1302 – Transdermal ClobazamClobazam is a unique anti-epileptic oral drug sold under the brand name Frisium® for the treatment
of epilepsy, anxiety, and alcohol withdrawal. A long acting transdermal form of clobazam is being developed by Aequus to consistently deliver
clobazam over a multi-day period at levels comparable to currently marketed once-daily formulations with the intention of improving patient
compliance and providing better outcomes. Aequus intends to pursue a 505(b)2 pathway for regulatory approval in the United States.

AQS1303 – Transdermal Pyridoxine/DoxylaminePyridoxine/doxylamine is currently marketed as Diclegis® (United States)/Diclectin®
(Canada) for the treatment of Nausea and Vomiting of Pregnancy. It is taken orally, dosed up to four times per day. A long-acting transdermal
form of pyridoxine/doxylamine is being developed by Aequus to address the risk of missed doses due to emesis (vomiting), provide consistent
symptomatic relief, ease pill burden, and improve compliance. Aequus is preparing for its first Proof of Concept study for this product, and
intends to pursue a 505(b)2 pathway for regulatory approval in the United States.

AQS1304 – Transdermal Medical CannabisMedical cannabis is lacking in three main categories - dose delivery, dose consistency,
and clinical data support. Aequus’ cannabinoid transdermal patch program is being developed to directly address these barriers. Throughout
development Aequus will be working closely with patients and physicians with the goal to provide a cannabinoid product that is safe, consistent,
targeted, and effective.

*Currently marketed in the United States by Supernus Pharmaceuticals. Aequus expects to file for regulatory submission in Canada in 2017.1 Aequus carries out the Canadian promotional activity for tacrolimus IR and Vistitan™ TM: Trademark owned or used under license by Sandoz Canada Inc. TDS = Transdermal Delivery System Tacrolimus IR (tacrolimus immediate release capsules) is indicated for the prophylaxis of organ rejection in patients receiving allogenic liver, kidney or heart transplants and for the treatment of refractory rejection in patients receiving allogenic liver, kidney or heart transplants. For more information, please refer to the product monographVistitan™ (bimatoprost ophthalmic solution 0.03% w/v) is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension. For more information, please refer to the product monograph